Leasing or Buying another Ford after Ford Options term

[IgorKl]

I have question to those who returned MME after Ford Option term and bought or leased another Ford.

If your actual mileage exceeds contracted numbers did Ford forgive it as it promised on website or you have to pay for it?
https://www.ford.com/finance/finance-options/ford-options/

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[macchiaz-o]

I "refinanced" and retained my vehicle.

That said, if you are over mileage you still have the options of returning or replacing the vehicle. You would, however, owe a surcharge for the excessive miles. See your loan's terms for the amount.

 

[AKgrampy]

I "refinanced" and retained my vehicle.

That said, if you are over mileage you still have the options of returning or replacing the vehicle. You would, however, owe a surcharge for the excessive miles. See your loan's terms for the amount.

I believe his question refers to term where they state the surcharge will be waived if you lease a new vehicle at the end of your Options agreement. I think he wants verification that is true.

 

[macchiaz-o]

Interesting how it's worded on the web site you linked though... I can see that makes things unclear for a trade in to a new Ford vehicle. At the end of the day, your worst case scenario is the terms of your loan agreement.

I believe his question refers to term where they state the surcharge will be waived if you lease a new vehicle at the end of your Options agreement. I think he wants verification that is true.

Yeah I'm seeing how it's confusing now. The fee they definitely waive is the disposal fixed fee of $475 or whatever it is.

 

[AKgrampy]

Interesting how it's worded on the web site you linked though... I can see that makes things unclear for a trade in to a new Ford vehicle. At the end of the day, your worst case scenario is the terms of your loan agreement.



Yeah I'm seeing how it's confusing now. The fee they definitely waive is the disposal fixed fee of $475 or whatever it is.

I would have to look again but I believe it also waives mileage overage.

Just looked - for trade in it says not applicable. So you do not have to pay.

 

[macchiaz-o]

I would have to look again but I believe it also waives mileage overage.

Just looked - for trade in it says not applicable. So you do not have to pay.

Yeah I see that but I'm wondering if it's a mistake? It's a huge benefit to those customers that went over mileage and want to trade to a new Ford.

That web content didn't exist when it was time to handle my Options. So maybe it's a somewhat new thing and they'll honor it, or maybe it's a mistake and they'll stick to the agreed terms? I don't know.

Let us know what you learn, OP.

 

[IgorKl]

I believe his question refers to term where they state the surcharge will be waived if you lease a new vehicle at the end of your Options agreement. I think he wants verification that is true.

yes, you are correct

 

[HuntingPudel]

My contract states that if I walk away, I owe the disposal fee. If I lease or buy a new Ford the fee is waived. There are no fees if I either pay off or refinance the balloon. Miles are concrete on my contract and any additional mileage is $0.25/mile over the agreed mileage. ??

 

[IgorKl]

My contract states that if I walk away, I owe the disposal fee. If I lease or buy a new Ford the fee is waived. There are no fees if I either pay off or refinance the balloon. Miles are concrete on my contract and any additional mileage is $0.25/mile over the agreed mileage. ??

I was expected something like $0.25 per mile for over agreed number, but Ford Options website published by Ford states that they forgive any exceed miles, no inspection if you buy new Ford/Lincoln and finance with Ford Credit.
I was wondering if someone already tried it. I spoke with SoCal dealer at EvFest, but he constantly mixed up lease and Ford Options. He mentioned that it would be probably like lease process, but it contradicts website. I still have 2.5 years on my contract, but trying to get ready.

 

[IgorKl]

@Gloff ,
Any chance you can provide clarification? Does https://www.ford.com/finance/finance-options/ford-options/ contain correct information?

 

[tbrumleve]

I was expected something like $0.25 per mile for over agreed number, but Ford Options website published by Ford states that they forgive any exceed miles, no inspection if you buy new Ford/Lincoln and finance with Ford Credit.
I was wondering if someone already tried it. I spoke with SoCal dealer at EvFest, but he constantly mixed up lease and Ford Options. He mentioned that it would be probably like lease process, but it contradicts website. I still have 2.5 years on my contract, but trying to get ready.

Options owner here. My understanding is this. if you lease another Ford, they waive the return fee and ignore your mileage “overage”.

Where it bites, is Ford values your return based on condition and mileage (like a trade in). So, your car is worth less with higher mileage. Say you owe $23k at the end of the Options lease. You return the car and they value the return at $21k cause the mileage is a little high. You owe $3k before looking at a new lease. More mileage, lower value.

Your best hope is the return value is at or higher than your residual / balloon payment. If I’m wrong someone will let me know

 

[hybrid2bev]

Options owner here. My understanding is this. if you lease another Ford, they waive the return fee and ignore your mileage “overage”.

Where it bites, is Ford values your return based on condition and mileage (like a trade in). So, your car is worth less with higher mileage. Say you owe $23k at the end of the Options lease. You return the car and they value the return at $21k cause the mileage is a little high. You owe $3k before looking at a new lease. More mileage, lower value.

Your best hope is the return value is at or higher than your residual / balloon payment. If I’m wrong someone will let me know

No. If you return the car at the end of the Options contract (not trade-in) the wholesale value is irrelevant to you as the customer. Ford takes the depreciation hit not you.

Options is not a lease but in this case it’s treated like a lease. Like a lease return you would only owe for the mileage, disposal fee and excess wear (and any past due payments/fees). Some of which could be waived if you buy a new Ford.

 

[IgorKl]

Options owner here. My understanding is this. if you lease another Ford, they waive the return fee and ignore your mileage “overage”.

Where it bites, is Ford values your return based on condition and mileage (like a trade in). So, your car is worth less with higher mileage. Say you owe $23k at the end of the Options lease. You return the car and they value the return at $21k cause the mileage is a little high. You owe $3k before looking at a new lease. More mileage, lower value.

Your best hope is the return value is at or higher than your residual / balloon payment. If I’m wrong someone will let me know

As I understood that if you return car and buy or lease another Ford than Ford would not look at mileage, wear and tear - we just return key and switch to new car. But it sounds too good to be true.

 

[HuntingPudel]

As I understood that if you return car and buy or lease another Ford than Ford would not look at mileage, wear and tear - we just return key and switch to new car. But it sounds too good to be true.

I just take my contract at face value. I signed up for a certain average number of miles per year and agreed to it in writing. If I chose a larger number, Ford would make me pay more per month, or less if I chose a lower number. Likewise, if I were to have worn out or damaged part of the car, I would expect that I am responsible for taking care of that during routine maintenance. ?‍?

As @hybrid2bev said, they may choose to waive any or all of that. I certainly do not think that I will expect that any of it will be waived except for the disposal fee if I choose a new Ford. ??

 

[AKgrampy]

I just take my contract at face value. I signed up for a certain average number of miles per year and agreed to it in writing. If I chose a larger number, Ford would make me pay more per month, or less if I chose a lower number. Likewise, if I were to have worn out or damaged part of the car, I would expect that I am responsible for taking care of that during routine maintenance. ?‍?

As @hybrid2bev said, they may choose to waive any or all of that. I certainly do not think that I will expect that any of it will be waived except for the disposal fee if I choose a new Ford. ??

Except they state that it will be waived which is why he is trying to see if anyone who has gone down this route can validate the FordCredit website info.

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